If you currently own a home or are looking to purchase a home, you need to be aware of the tax changes that will impact your home tax deductions. You can review your 2017 Schedule A for the amounts you paid and how this may change for 2018. State &

September typically marks the beginning of “tax planning season” for many clients, especially business owners, who are trying to get a handle on their upcoming tax obligations. Below is some information about what you can expect in terms of tax planning and analysis. First of all, tax planning or analysis

Another new tax law change: The standard deduction for tax year 2018 almost doubled from 2017. With this increase, along with the changes to itemized deductions, the IRS predicts that more people will take the standard deduction. On your personal tax return each year you have the choice of taking

The Tax Cuts and Jobs Act made sweeping changes that impact deductions and credits related to family and dependents. Personal and Dependent Exemptions In 2017, you were allowed an exemption for yourself, your spouse and any eligible family members such as children. The amount was $4,050 per person in 2017.

It’s been estimated that the number of people who itemize will fall by more than half in 2018 because of changes made by the Tax Cuts and Jobs Act (TCJA; P.L. 115-97, 12/22/2017). That’s bad news for many charitable givers, but those who are age 70½ or older can continue

Many times, clients are surprised to find they must file a gift tax return, even when they don’t owe gift or estate taxes. The IRS can impose penalties for not filing a gift tax return, even when no tax was due. You don’t owe gift taxes and aren’t likely to